Global chemical fertilizers market is expected to register 3.9% CAGR over the forecast period. Additionally, the market is riding on the back of growing need to increase the crop production along with rising demand for food. Moreover, the global chemical fertilizers market is anticipated to account noteworthy revenue by the end of 2024.
The North America chemical fertilizers market seized major market share in 2016. Further, increasing consumption of chemical fertilizers to meet the food demand in the region is escalating the market size of North America region. Apart from this, Asia Pacific is showcasing a huge potential for growth of chemical fertilizers market in this region owing to major production of phosphate in this region.
Rising Food Demand
Increasing population across the globe is a key reason which is increasing the demand for food. Further, the adoption of chemical fertilizers is likely to increase in farming owing to increase the crop production in order to meet global food demand.
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Increasing Adoption of Chemical Fertilizers
Chemical fertilizers offer results very quickly as compared to organic fertilizers and chemical fertilizers adsorb into plants much more quickly. Further, farmers are adopting chemical fertilizers in order to increase the farm yield and boost profit.
However, soil pollution due to use of chemical fertilizers and restriction on use of chemical fertilizer in some economies are some of the factors that are likely to obstruct the growth of the chemical fertilizers market in the near future.
The report titled “Chemical Fertilizers Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global chemical fertilizers market in terms of market segmentation by macronutrients, by micronutrients, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global chemical fertilizers market which includes company profiling of Potash Corp of Saskatchewan Inc., The Mosaic Company, Uralkali PJSC, Yara International ASA, and JSC Belaruskali. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global chemical fertilizers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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